A small business growth consultant is an experienced leader in their particular field who offers advice on how you might navigate challenges and improve your operational and financial standing.
Business consultants tend to have very many years of experience under their belt, working with companies both large and small across many different industries. They can have particular areas of speciality — such as taxation or restructuring — or may offer more general advice.
Business consultants operate in a number of different ways. You might employ a consultant who comes to your physical workplace, monitors your business and runs workshops for your employees. Alternatively, your consultant may work virtually; studying your financial statements and providing one-on-one feedback on ways you can cut costs. There are many advantages to working with a business consultant, not least of all the fact that they can tailor their services to meet your needs.
What types of services does a business consultant offer?
Which brings us to our next point; what types of services does a business consultant typically offer?
There is no one answer to this question. Essentially, if you have a problem, there is a business consultant who can help.
As mentioned, business consulting services may offer speciality assistance or provide general advice. Broadly speaking, their services can be broken up into the following categories:
Management
Just because you lead a business, doesn’t mean that you can’t benefit from mentorship yourself. Business managers often face problems that they struggle to navigate, for a range of reasons. A business consultant can use their experience to guide you through challenging situations. They can also offer general advice on how to improve your management style and better engage with your employees.
Strategy
Business owners are often faced with the tricky conundrum of trying to juggle day-to-day operational requirements while also looking ahead at what challenges and opportunities lie in the long-term future. Putting a strategic plan in place may be the last thing on your mind, but it is actually one of the most important steps you can take to ensure long-term success and stability.
A business consultant can take responsibility for developing and implementing a strategic plan that is designed to get your business where you want to go
Financial
Just because you own and run a business doesn’t mean that you are an expert in financial matters. Between balancing your working capital and completing your taxes, staying on top of finances can be very difficult.
Fortunately, teams that provide financial business consulting services have the experience and resources at their disposal to set your company on the path to financial success. This may involve something as simple as reorganising how you run your payroll. On the other hand, financial advisors can apply for complex government grants and advise you on how best to invest your money.
Operations
Whether your business employs only a handful of staff or your employee list runs in the hundreds, streamlining daily operations is very important. ‘Operations’ in this sense can include supply chains, procurement, outsourcing, and how you organise your internal staff structure.
Organisational consultants can provide hands-on assistance to improve the overall efficiency of your workplace. They may suggest restructuring, consolidating suppliers, and other strategies that contribute towards long-term sustainability.
Questions to ask yourself when considering business consulting services
Identifying when you could benefit from business consulting services is not always easy. The reality is that business consultants can help all companies, whether you are in the initial stages of setting up your business or have been operating for a number of years now and are looking for ways to expand.
Here is a list of questions to ask yourself that could indicate you could benefit from business consulting services:
- Have I stagnated?
Business consultants don’t only work with companies that are struggling. They are also well positioned to assist those that have simply stagnated. If you feel your company is in a bit of a rut and has not identified any new opportunities in the past few months, it could be time to call a consultant.
- Do I feel like my business could be turning over a greater profit?
There are many ways in which your profit could be eaten up. Perhaps your suppliers are overcharging you or you are not pricing your products and services according to market value. It’s often difficult to identify cost-saving measures in a business; let a consultant with financial experience do the detective work for you.
- Are there areas of my business I am unsure about?
No one expects you to be an expert on all areas of your business, even if it can sometimes feel that way. One of the top benefits of hiring out business consulting services is that they can quickly bring you up to speed on new industry trends that you may be unaware of, giving you the knowledge and resources you need to make smart decisions.
